Business

'High domestic debt stifles economic growth' 3 November 2018 HARARE - The financing of a budget deficit predominantly through domestic debt, such as has been the case in Zimbabwe, leads to low economic growth rates, as well as subdued investment and entrepreneurial activities, Oswald Mungule, a policy analyst, has said. Treasury says the country's domes...
Platinum output down 8pc 3 November 2018 HARARE - Zimbabwe's platinum output for the second quarter of 2018 stood at 3 438 kilogrammes (kg), down 8,2 percent from 3 744 kg produced in the first quarter of 2018, the central bank has said. The Reserve Bank of Zimbabwe (RBZ) said platinum ore output declined by 10 percent in comparison ...
Prospect explores fresh ground 3 November 2018 HARARE - Australia-listed junior miner, Prospect Resources (Prospect) is to immediately start exploration of lithium at the Lipropeg deposit near Bindura. The Lipropeg deposit is located approximately 16km southeast of the town of Bindura in north eastern Zimbabwe, and is one of at least three...
Kaseke warns steep prices may drive tourists away 2 November 2018 HARARE - Zimbabwe Tourism Authority (ZTA) chief executive officer Karikoga Kaseke has read the riot act to tourism sector players after they sharply increased their prices in a move that risks driving customers away. Kaseke — who had a fierce run-in with the management of a local hotel last we...
ED to extend central bank governor's term 2 November 2018 HARARE - President Emmerson Mnangagwa is extending the term of central bank governor John Mangudya which is due to expire in February, a spokesperson said yesterday. Mangudya has been in the post since March 2014 and is widely seen as a guarantor of monetary stability, although the Reserve Ban...
'2pc tax to stabilise macro-economy' 2 November 2018 HARARE - Finance minister Mthuli Ncube said on Wednesday the new tax on electronic payments was a painful but necessary measure and urged Zimbabweans to be prepared to go through temporarily turbulent times after which the economy will stabilise. The imposition of the levy which will apply on ...
Netherlands push to revive horticulture 1 November 2018 HARARE - Netherlands has put plans in motion to establish model horticulture farms in Zimbabwe as a way of reviving the lucrative sector. The southern African country used to have a vibrant horticultural industry, but it was decimated by former president Robert Mugabe's chaotic land reform exe...
SA firm offers Zim govt bail out deal 1 November 2018 HARARE - A South Africa-registered firm has tabled before the Reserve Bank of Zimbabwe governor John Mangundya a bailout package to import fuel and basic commodities into Zimbabwe as the economy sinks into recession. African Medallion Group (AMG) said — in a letter to Mangudya — the move is ai...
Govt okays opening of 4 special economic zones 1 November 2018 HARARE - Zimbabwe's regulatory authorities have granted authority to open four special economic zones that offer investors greater incentives and fewer restrictions than available to date in the country, the Zimbabwe Special Economic Zones Authority (Sez) CEO Edwin Kondo has said. The new econ...
'FCA accounts separation curbs market indiscipline' 1 November 2018 HARARE - Government directed banks to separate foreign currency accounts from the bond notes and their associated electronic deposits to curb market indiscipline, Finance and Economic Development permanent secretary George Guvamatanga has told a parliamentary committee. “The separation of FCA ...
Govt owed over $4,5bn by tax dodgers 31 October 2018 HARARE - Government is owed over $4,5 billion by tax evaders, Finance ministry secretary George Guvamatanga has said. Presenting the 2018 expenditures and 2019 budget priorities before the parliamentary portfolio committee on Finance on Monday, Guvamatanga expressed concern over tax dodging. ...
Zim official inflation misleading 30 October 2018 HARARE - Zimbabwe's official inflation is misleading and does not reflect the price increases of goods and services consumers are witnessing, a leading equities firm has said. The country's annual inflation is currently pegged at 5,39, according to Zimstats, but various analysts said it has br...
Buy Zimbabwe warns against imports 30 October 2018 HARARE - Zimbabwe should immediately adopt a credible local content policy buttressed by an industrial and trade policy that recognises the primacy of agriculture and mining in resuscitating the economy, a local pressure group has said. Munyaradzi Hwengwere, the Buy Zimbabwe chief executive sa...
Zim to strengthen capital markets 30 October 2018 HARARE - Zimbabwe requires strong capital markets to help it achieve a middle income status by 2030, Finance ministry permanent secretary George Guvamatanga has said. This comes as research has shown that a positive link exists between the sophistication of the financial system and economic gr...
ED raises growth forecast 30 October 2018 HARARE - Treasury has raised Zimbabwe's economic growth forecast to six percent from an initial projection of 4,5 percent, President Emmerson Mnangagwa said. Despite the International Monetary Fund (IMF) pegging the country's 2019 economic growth at 3,6 percent, Mnangagwa yesterday told busine...
Private sector to drive Command Agriculture 29 October 2018 HARARE - Finance and Economic Development minister Mthuli Ncube says government's participation in the special agriculture production programme Command Agriculture will be reduced as initiatives are being put in place to increase private sector support in agricultural finance. In the Transitio...
Adopt a fair tax system for property sector, govt urged 29 October 2018 HARARE - Governement should adopt a fair tax system for the property sector, which is currently heavily taxed, in order to increase the level of participation by individuals, a real estate expert has said. Real Estate Institute of Zimbabwe president Mike Juru said it was critical for President...
Govt lauds SeedCo 29 October 2018 HARARE - Deputy Agriculture minister Vangelis Haritatos has commended seed manufacturer, SeedCo, for complementing government efforts to improve food security in the country. Government has rolled out numerous programmes over the past decade in a bid to bring up the country's agricultural prod...
Securico celebrates 20 years 29 October 2018 HARARE - Security Company (Securico) is celebrating its 20th anniversary having revolutionised the country's private security industry by acquiring a Quality Management System Standard in 2005. In its short history, Securico has scored notable milestones that makes it one of the organisations ...
WorldRemit transactions surge 26 October 2018 HARARE - WorldRemit has seen a 20 percent increase in transactions to cash pick-up locations in Zimbabwe for the first two weeks of October as a result of the cash crisis in the country. According to a press statement, the recent surge follows consistent growth in transactions sent to cash pic...
Nssa reviews 2009-2011 retirement grants 25 October 2018 HARARE - The National Social Security Authority (Nssa) has reviewed retirement and survivor's grants for 5 500 people who received their payouts between April 2009 and January 2011. A grant is a once off payment to members who would have contributed to Nssa for less than 10 years. At that t...
Blanket reviews targets 25 October 2018 HARARE - Caledonia Mining Corporation (Caledonia) has adjusted gold production at its Blanket Mine (Blanket) in Zimbabwe from 54 000 to 56 000 ounces. Caledonia's chief executive officer Steve Curtis said the production of 13 978 ounces in the third quarter ended September 30, 2018 is a welcom...
PG Industries bailout confirmed 24 October 2018 HARARE - Dewei Investments (Dewei) says it will pay off PG Industries' shareholders and creditors by the end of this month after the company received regulatory approval from the registrar of companies. Under the agreed scheme of arrangement, Dewei Investment agreed to buy the entire PG Indust...
SA firm engages Zim over mineral value-addition 24 October 2018 HARARE - A South African investment firm says it is planning to invest in Zimbabwe's mining sector by offering beneficiation and value addition services. African Medallion Group (AMG) — a leading SA firm that has positioned itself as a complete gold trading firm — has tabled the proposal befor...
Chitando appoints MMCZ board 24 October 2018 HARARE - Government has appointed a seven-member board to steer the Minerals and Marketing Corporation of Zimbabwe (MMCZ) following dissolution of the last board. Mines minister Winston Chitando said the new board will be chaired by veteran mining expert David Murangari. The other board member...
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